This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Los Angeles Federal District Judge Dismisses Large Portion Of Saudi Family Feud Case Against US Citizen: Glenn Stewart

LOS ANGELES, Feb. 11, 2013 /PRNewswire/ -- The United States District Court for the Central District of California has issued a ruling in Case No. CV 11-2596 JGB (Ex) that effectively dismisses a large portion of the legal claims brought by the Algosaibi Brothers Partnership in a civil lawsuit against Los Angeles resident and entrepreneur, Glenn Stewart. Stewart, who was forced to undergo an exfiltration to escape from unlawful detention in Bahrain, had worked for a company owned by the Algosaibi Brothers Partnership for many years.

The lawsuit is but a tiny part of a sea of litigation brought in other countries and jurisdictions involving an internal Algosaibi family feud dating back to 2009 in Saudi Arabia. According to court documents, the Algosaibi Brothers have charged that one of their partners/relatives allegedly mismanaged the business and purportedly conducted one of the largest financial frauds ever. According to Mr. Stewart's attorney Haig V. Kalbian, "We are unaware of any evidence to support this assertion and on the contrary evidence was presented to a trial court in London last year that proves the opposite."

In 2011, the Algosaibi Brothers filed a 20-count complaint [Case No. CV 11-2596 JGB (Ex)], seeking billions of dollars in compensatory and punitive damages from Stewart. The Algosaibis have been in litigation against family members in Saudi Arabia, Bahrain, and the United Kingdom and the Cayman Islands, amongst other locations, since 2009. The Alogasaibis themselves have been under a travel ban issued by the Saudi King and directed not to leave Saudi Arabia as a result of this large family dispute. Stewart has claimed, via his attorneys in court filings, that the feud amongst the Algosaibi family members was directed to be settled by the Saudi King in early 2011. The Algosaibis, however, have denied this to the federal judge.

In ruling on Stewart's motion to dismiss, the law required the trial judge to assume that all allegations were true regardless if they were contrary to fact. Accordingly, the court must keep in any claim where the plaintiff has made allegations that might make up a plausible claim. The practical effect of the trial federal court's October 9th ruling is to dismiss no less than eight of the claims against Stewart and eliminate the claim for punitive damages and other relief not available in this lawsuit which will be decided based on foreign law. Mr. Stewart's attorney, Haig V. Kalbian, a Washington, D.C. based attorney, who has worked on many high stakes litigations involving disputes arising in the Middle East, has stated that his client looks forward to defending the remaining claims and proving to a Los Angeles jury of his peers that the allegations brought by this Saudi family have absolutely no merit.

SOURCE Glenn Stewart Observer

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,501.65 -12.72 -0.08%
S&P 500 1,875.39 -4.16 -0.22%
NASDAQ 4,126.9670 -34.4910 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs